Last week we reviewed the American Express Platinum Credit Card which is different to the American Express Platinum Card. Actually, you get an American Express Platinum Credit Card with the American Express Platinum Card which is actually not a credit card at all. Confused yet?
American Express' bafflingly named Platinum Card is actually a charge card (to avoid confusion, for the remainder of the article I'll refer to it as the Platinum Charge Card).
Elitism in a tiny plastic rectangle
There will be few people who can (and want to) pay the $900 annual fee for this card, except perhaps those who are considering the Platinum Credit Card (which has an annual fee of $395 and comes free with this card). However, even if you subtract the standard annual fee for the Platinum Credit Card, there remains $505 unaccounted for. While the range of features on this card is impressive, many of them are duplicated on the Platinum Credit Card.
As with all charge cards, there is no interest rate as the entire balance is payable at the end of each month.
The rewards program is undoubtedly impressive. The earn rate is 1.5 points per one dollar spent (up to $200,000 per year reverting to one point per dollar thereafter). The program includes the standard redemptions on department store vouchers, Qantas Frequent Flyers etc as well as offering exclusive invitations to 'Platinum members only' events and special table reservations at exclusive restaurants.
The card also includes extended warranty protection, purchase security, domestic and international travel insurance, emergency roadside assistance, entry to various exclusive airport lounges and a concierge service. You also get additional Platinum Charge Cards (which also earn points).
But really, there is very little here which you don't get on the Platinum Credit Card which is cheaper and, by its nature as a credit card, much more flexible. This is not the card for most people, but then again, isn't that the idea?
